The global insulin syringes market size was USD 1.50 Billion in 2021 and is expected to register a revenue CAGR of 6.9% during the forecast period. Increase in the number of diabetes patients globally and adoption of unhealthy lifestyles are major factors expected to drive market revenue growth over the forecast period. Increasing incidence of obesity and chronic diseases among every age group is another major factor expected to support revenue growth of the market between 2022 and 2030.
Insulin, a peptide hormone, is responsible for regulating metabolism in the body, and is secreted by cells of the islets of Langerhans in the pancreas. It helps in regulating glucose metabolism by enabling fat tissues and skeletal muscles to absorb glucose from the blood. An insulin syringe helps in injecting insulin into diabetic patients in required dosage. Increase in aging population and the number of diabetes patients across the globe are some key factors expected to increase demand for insulin syringes and contribute to market revenue growth during the forecast period. In addition, factors such as increasing incidence of obesity and people leading unhealthy lifestyles are also expected to contribute to revenue growth of the market. Rising prevalence of chronic diseases, such as type-1 and type-2 diabetes among people of all age groups, is another factor expected to have a positive impact on the global market.
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The World Health Organization (WHO), back in 2020, declared the COVID-19 outbreak as a public health emergency of international importance. The disease has affected more than 200 countries, and governments of many countries have issued temporary bans and certain limitations to various medical procedures, to control the impact of the outbreak. To this day, these restrictions continue to affect revenue growth of several healthcare markets, which is expected to continue to do so for a few more years. The National Center for Biotechnology Information (NCBI) has stated that angiotensin, an enzyme that helps in treating diabetes, is the binding agent between coronavirus and its target cells. Therefore, patients with increased levels of this enzyme are highly vulnerable to COVID-19 and its complications. Therefore, prompt treatment of diabetes, mainly in the aging population, is need of the hour, which is driving insulin syringes market revenue growth. However, increasing popularity of insulin pens and high costs of advanced insulin syringes can have a negative effect on revenue growth of the market during the forecast period.
Driver: Rapid growth in the number of diabetic patients globally is a key growth-driving factor
According to the International Diabetes Federation (IDF) Diabetes Atlas 2021, almost 535 million adults (20-79 years) worldwide are living with diabetes. This number is estimated to reach 640 million by the end of the forecast period, i.e., in 2030. In addition, current data suggests that 540 million more are at a high risk of developing type-2 diabetes. A major section of the global population is adopting unhealthy lifestyles, which is expected to increase further during the forecast period. Unhealthy lifestyles can increase the risk of diabetes and several other chronic health issues. Increasing number of diabetes patients globally is expected to increase healthcare expenditure, thereby raising demand for insulin syringes.
Restraint: Growing popularity of insulin pens is a key factor expected to hamper global insulin syringes market revenue growth
Insulin pens require lesser steps for insulin administration as compared to syringes. Some pens require a cartridge, but most pens come pre-filled with insulin, and therefore, a patient needs to just adjust the dosage and inject. Conventional syringes or vials have more steps and generally require a larger skill set, which increases chances of mistakes. According to studies, around 95% diabetes patients have found the use of insulin pens easier as compared to only 46%, who preferred the use of conventional insulin syringes. In addition, 85% users found it convenient to shift to a pen, whereas 86% of conventional syringe users wanted to shift to a pen if the expense was equal. Furthermore, insulin pens are generally less painful than syringes, which is increasing popularity of insulin pens, and this can be a major factor to restrain revenue growth of the global insulin syringes market.
Based on size, the global insulin syringes market has been segmented into 3/10 cc syringe (0.3ml), ½ cc syringe (0.5ml), and 1 cc syringe (1ml). The 3/10 cc syringe (0.3 ml) segment is expected to account for largest revenue share over the forecast period. These syringes can hold up to 30 units of insulin dosage. Insulin syringes deliver insulin doses only in units, as they are calibrated to units to avoid any dosage errors. High prevalence of obesity and diabetes in developing and developed countries, as well as considerable use of 3/10cc syringes by patients for injecting insulin, are expected to drive revenue growth of this segment over the forecast period.
The ½ cc syringe (0.5ml) segment is expected to register a steady revenue growth rate during the forecast period. These syringes can hold 31 to 50 units of insulin dosage. The insulin dosage for type-1 diabetes is generally close to the capacity of a ½ cc syringe, and therefore, most patients suffering from type-1 diabetes use this syringe for insulin administration, which in turn, is driving revenue growth of this segment.
Based on disease, the global insulin syringes market has been segmented into type-1 diabetes and type-2 diabetes. Type-2 diabetes segment is expected to account for a larger revenue share over the forecast period, due to increase in cases of type-2 diabetes across the globe. Type-2 diabetes results from the body’s inability to use insulin effectively. Almost 95% of diabetes patients suffer from type-2 diabetes, mainly due to physical inactivity and excess body weight. Symptoms of type-2 diabetes are similar to those of type-1 diabetes, but are less pronounced. Most of the time, the disease is diagnosed several years after onset, and so prompt treatment becomes necessary. Generally, this type of diabetes is more common among adults, but nowadays, younger children are also being diagnosed with type-2 diabetes. According to World Health Organization, in 2020, 462 million people were affected by type-2 diabetes, which is around 6.3% of the world population. Considering the current scenario, these numbers are bound to increase in the near future, thereby increasing demand for insulin syringes.
The type-1 diabetes segment is expected to register a steady revenue growth rate over the forecast period. Type-1 diabetes is caused by the body’s inability to produce insulin, and therefore, it necessitates daily administration of insulin. Around 9 million individuals have type-1diabetes globally, and most patients suffering from type-1 diabetes are in high-income economies where healthcare expenditure is also high. The fact that type-1 diabetes cannot be prevented makes the patient dependent on lifelong use of insulin injections, which is contributing to revenue growth of this segment.
Based on end-use, the global insulin syringes market is segmented into hospitals & clinics, homecare, nursing homes, and others. Hospitals & clinics segment accounted for largest revenue share in 2021 and is expected to register a steady revenue growth rate over the forecast period. Revenue growth of this segment is being driven by rise in the prevalence of chronic diseases, such as diabetes and obesity, and increase in aging population across the globe. Hospitals need to have a proper stock of insulin syringes so that they can be used as and when required till the time patients are under observation. Hospitals and clinics are procuring more materials to prepare for any emergency, due to rising health concerns, which is expected to increase further with time. Governments of many countries use some hospitals as storehouses for any unforeseen crisis, which is also expected to drive revenue growth of this segment over the forecast period.
Homecare segment is expected to register a steady revenue growth rate over the forecast period. Most diabetes patients who are prescribed regular doses of insulin have an active life and daily routine, for which it is not possible for them to visit clinics or hospitals twice or thrice a day for insulin injections. These patients commonly use insulin syringes by themselves or with the help of someone else, while some patients have a homecare setting developed so that they can get all medical care from the comfort of their homes.
Nursing homes segment is expected to register a steady revenue growth rate during the forecast period. Nursing homes are generally care houses where young or elderly patients are treated for a certain period. They might not have the services similar to that of a hospital, but they have all the necessary tools and medicines required for treating patients. The number of nursing homes is increasing rapidly across the globe, which is expected to have a favorable impact on the global insulin syringes market.
North America accounted for largest revenue share in the global insulin syringes market in 2021. The US contributed the most to revenue growth of the regional market, owing to rapid surge in obesity throughout the country, adoption of unhealthy lifestyles, and increasing number of diabetes patients. Increasing investments in Research & Development (R&D), presence of a highly developed healthcare sector and key market players, and product availability are expected to drive revenue growth of the market in North America. Canada and Mexico are other major countries that would contribute significantly to market revenue growth. Supportive government initiatives in the region for prevention and reduction of chronic diseases, such as diabetes, is a major factor expected to have a positive impact on the regional market. Additionally, the key players in North America are adopting various strategies, such as product approval and collaboration, to enhance production and efficiency of insulin syringes, which is expected to support market revenue growth in the region over the forecast period.
The market in Asia-Pacific is expected to register the fastest revenue CAGR over the forecast period. Rapid development and modernization of the healthcare sector, increasing investments in research & development, and growing disposable income are major factors expected to drive market revenue growth in this region. China is expected to lead the regional market followed by India. Increasing geriatric population and constant surge in the number of diabetes patients are key factors driving market revenue growth in Asia-Pacific.
The insulin syringes market in Europe is expected to register a steady revenue growth rate during the forecast period. Increasing investments in research & development by key players for development of better products is a major factor driving revenue growth of this regional market. Increasing incidence of diabetes and obesity is another factor expected to play a significant role in market revenue growth in Europe.
Competitive landscape of the global insulin syringes market is moderately consolidated with few key players operating on global and regional levels. Key players are engaged in strategic alliances to expand their respective portfolios and gain a robust footing in the global market. Major players in the market include Nipro Medical Corporation, Biocon Ltd., Terumo Corporation, Cardinal Health Inc., Novo Nordisk A/S, Abbott Laboratories, Becton, Dickinson and Company, Hindustan Syringes and Medical Devices Ltd., Teleflex, and B. Braun Melsungen.
· In December 2021, Terumo Corporation announced their new 5-year growth strategy ‘GS26’ for the fiscal year 2022-2026. This includes sanctioning of several manufacturing units for better production.
· In December 2021, Novo Nordisk A/S announced investment plans of more than USD 2.5 billion for the construction of three new manufacturing facilities and expansion of their facility at the production site in Kalundborg, Denmark. This investment will establish extra capacity across their entire global chain. The expansion will provide capacity for production of their current and upcoming syringes and all other injectable products.
· In November 2021, Novo Nordisk A/S announced that they had received results from the Volume Based Procurement or VBP tender for insulin and insulin syringes in China. The Chinese National Healthcare Security Administration has tendered insulin and syringes sold at hospitals, and all of Novo Nordisk’s products, except Ryzodeg and Xultophy, were accepted and included.
· In December 2019, Sanofi announced plans of restructuring their antibody collaboration into a royalty-based agreement with their long-time associate Regeneron Pharmaceuticals Inc. This agreement promises development plans for several production facilities for manufacturing sterile insulin syringes and other injectable products.
· In September 2019, Sanofi and Abbott planned a collaboration to produce an extensive array of smart tools, which included smart pens, apps for insulin titration, advanced insulin syringes, and cloud software. These tools were developed by combining their insulin dosing information with freestyle libre technology. These tools not only deliver insulin but also track sugar levels and sense glucose in the blood of patients.
Segments Covered in the report
This report offers historical data and forecasts revenue growth at a global, regional, and country level, and provides an analysis of market trends in each sub-segment from 2022 to 2030. For the purpose of this report, Reports and Data has segmented the global insulin syringes market based on size, disease, end-use, and region:
Insulin Syringes Market Report Scope
Segments covered By Size Outlook, Disease Outlook, End-use Outlook, Regional Outlook
By Size Outlook
3/10 cc syringe (0.3ml)
½ cc syringe (0.5ml)
1 cc syringe (1ml)
By Disease Outlook
By End-use Outlook
Hospitals & Clinics
Middle East & Africa
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